News

Special Senior Property Tax Exemption for Jefferson County

Many seniors age 65 and over are not aware of Alabama Act 2021-300 passed by the legislature in April of 2021:  In Jefferson County, a person age 65 or over may claim a senior property tax exemption for ad valorem tax purposes on real property in the county owned by the person and classified as…
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Silicon Valley Bank Failure – What’s Next?

Over the last week, many of our clients have called and asked if they should be concerned about banks and deposits. While we don’t offer opinions on the stability or solvency of any particular financial institution, we wanted to provide information about these events and FDIC insurance limits. On March 10, Silicon Valley Bank (“SVB”)…
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Misinformation Abounds on IRS Plan to Spend $80 Billion

The Inflation Reduction Act provides nearly $80 billion in IRS funding over the next ten years. The IRS plans to use some of the funds to hire 87,000 employees.  Many claim the funds will be used to hire an army of auditors dedicated to auditing taxpayers. Let’s add some perspective to the claims and numbers:…
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IRS Still Behind – National Taxpayer Advocate Report to Congress

National Taxpayer Advocate Erin Collins released her annual report to Congress in December . While the report’s tone touts progress, there are still significant issues and delays. Among the data released: As of mid-December 2022, there was a backlog of 1 million originally filed individual returns, 1.5 million originally filed business returns, and 1.5 million…
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Managing Partner Mike Baker Appointed Chair to Allinial Global 2023 Americas Board of Directors

Dent Moses is pleased to announce that Mike Baker has been appointed to serve as Chair of Allinial Global’s 2023 America Board of Directors. Allinial Global is an award-winning association of legally independent accounting and consulting firms whose members collaborate to bring their clients best-in-class solutions. “As a member of Allinial Global, Dent Moses gains…
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The IRS Raises 2023 Retirement Plan Contribution Limits

As they do each year, the IRS announced 2023 retirement plan increases as follows: 2022 2023 2023 Catch Up 401(k), 403(b) & 457 $20,500 $22,500 $7,500 Traditional or Roth IRA $6,000 $6,500 $1,000 SIMPLE IRA $14,000 $15,500 $3,500 SEP IRA $61,000 $66,000 N/A   Catch-Up Contributions Individuals aged 50 or older are allowed to make…
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IRS Announces Delay for Implementation of $600 Reporting Threshold for Third-Party Payment Platforms – Form 1099 K

On December 23, 2022, the Internal Revenue Service announced delay in implementation of the new $600 reporting threshold for third-party network’s Forms 1099-K.  As a result of this delay, third-party networks will not be required to report 2022 tax year transactions on a Form 1099-K to the IRS or the payee for the new $600 threshold amount. 

2023 Alabama Tax Cut for Retirees with 401k and IRA Distributions

Governor Ivy signed HB162 into law which exempts the first $6,000 of retirement plan distributions for taxpayers age 65 or older beginning January 1, 2023. This mirrors the taxation of defined benefit plans for other plans such as 401K or IRAs.  The exemption increases by $6,000 per year until it reaches $24,000 in 2026. The…
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Where Have All the Employees Gone?

The pandemic caused a major disruption in the US workforce. The Bureau of Labor Statistics reported August 2022 unemployment at 3.7%, roughly 6 million unemployed workers. Employers are struggling to fill 11 million open positions. At the same time, there are 2.5 million fewer people in the workforce post-pandemic.